Bigger Than Pepe and Shiba Inu, Wall Street Memes Price Pumps 56%, Trading Volume Beats Other Top Meme Coins
The rapid increase in the price of the Wall Street memes cryptocurrency, or WSM, has set the internet abuzz as the coin phenomenally jumped 56%, taking it to the number one spot among the most heavily traded meme coins. It has outstripped the other Internet favorites – namely, Pep and Shiba Inu, DogeCoin and Binance Coin, in trading volume in the past 24 hours.
WSM’s trading volume has also grown exponentially since its launch. Since mid-June, the memecoin’s market cap has grown over 300 times to nearly $15 billion, making it the third-biggest crypto asset in the world after Bitcoin and Ethereum.
The dramatic surge in the prices of Wall Street memes is driven by similar factors that have powered the other top meme coins. Unlike Dogecoin and Binance Coin which require a significant number of investors to buy in, the WSM trade can be driven by just a few active participants. Furthermore, at just $14, the asset’s price is still relatively low, making it an affordable investment for newcomers.
The new memecoin has been backed and promoted by some high profile personalities, such as Mark Cuban and Winklevoss twins. Moreover, WSM is set to become even more popular in the near future as the team of developers behind the coin plans to roll out new features and additional tokens, such as the upcoming NFT launch.
The meteoric rise of WSM has sent shockwaves across the world, with some analysts predicting that this could be the start of meme coins becoming a legitimate asset class. Whether or not Wall Street Memes will become a valuable store of value and a long-term investment option, only time will tell.